Singapore-based insect producer, INSEACT, has been acquired by Singaporean company Karang Foodie Pte Ltd in a 100% share sale following an extensive M&A process occurring over 2023.
The company raised $1.3 million in an oversubscribed funding round in 2021. Over the past few years, the company has made great strides in building and operating an advanced insect production and research facility in Singapore where biology and engineering were developed. The resulting product was introduced to the market leading to more than SGD 10 million in signed sales.
“Today, the brilliant entrepreneurs behind Karang Foodie, Stephanie Kudus and George Foo, are perfectly suited to make the most of this momentum for the growth of their business. They align on a similar objective, augmented with insightful innovations on INSEACT’s previous strategy,” the company said.